Aviva 2009 Annual Report Download - page 302

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MCEV financial statements continued
Aviva plc
Annual Report and Accounts 2009
M7 – Life MCEV operating earnings
FY 2009 FY 2008
£m £m
Value of new business 710 772
Earnings from existing business
– expected returns at the reference rate 563 992
– expected returns in excess of the reference rate 1,365 429
– expected returns 1,928 1,421
– experience variances (99) (224)
– operating assumption changes 44 (165)
Other operating variance 294 305
Expected return on shareholders’ net worth 512 701
Life and Pensions operating earnings before tax 3,389 2,810
Economic Variances 759 (12,469)
Other non-operating variances 364 (329)
Life and Pensions earnings/(loss) before tax 4,512 (9,988)
Tax on operating earnings (875) (823)
Tax on other activities (144) 3,822
Life and Pensions earnings/(loss) after tax 3,493 (6,989)
Key indicators
FY 2009 FY 2008
Net of Gross of Net of Gross of
minorities minorities minorities minorities
and tax and tax and tax and tax
£m £m £m £m
Value of new business 375 710 416 772
Life and pensions operating return 2,178 3,389 1,760 2,810
Life and pensions earnings 3,393 4,512 (6,918) (9,988)
M8 – Present value of life new business premiums
Present
Present value of
value of new
Regular regular Single business
premiums WACF premiums premiums premiums
31 December 2009 £m £m £m £m £m
United Kingdom 531 5.3 2,803 6,111 8,914
France 92 6.6 608 4,283 4,891
Ireland 78 4.3 337 735 1,072
Italy 111 5.3 592 3,015 3,607
Poland 71 13.1 927 152 1,079
Spain 128 6.1 782 1,672 2,454
Other Europe 82 4.5 365 55 420
Aviva Europe 562 6.4 3,611 9,912 13,523
Delta Lloyd1 207 9.3 1,935 1,730 3,665
Europe 769 7.2 5,546 11,642 17,188
North America 90 9.6 861 3,684 4,545
Asia 185 4.5 828 267 1,095
Australia 49 4.0 196 65 261
Asia Pacific 234 4.4 1,024 332 1,356
Total life and pensions 1,624 6.3 10,234 21, 769 32,003